Mortgage broker part time

kingstreet

dunstonh wrote: »

you may wish to try starting a new thread

A bit like this one?

https://forums.moneysavingexpert.com/discussion/5682437

Lilla_D

Guys (OP and Scoops), you really are asking how long a piece of string is ACG, Dunstonh and the others have been trying to explain that it all depends on your setup, the number of leads you get and the work you put in.

If you start working for a company who floods you with leads, then you'll still have to allow for dry months in the beginning, because it takes time to speak to people, them finding a property, sending you stuff, applying, etc. until a case gets completed and you get paid. You only really start making money after a few years, once you have a client base, remortgages and referrals come through and you have a pipeline built up.

One can write 2 mortgages per week / 8 mortgages a month, if there is a client base or there is a flood of leads. You have to be prepared that a fair portion of the people you speak to will never become a client or only after some time. In addition, the admin part of the job is quite big, so when you're not going through new documents, criteria, analysing options, writing emails, filling out forms to prepare for advising or applying for a case, then you deal with lenders, solicitors, clients, estate agents. 8 mortgages a month are do-able by yourself (not in the very beginning), but it's a lot of work and to go beyond this figure, you'll probably need an admin to help, which obviously costs extra money.

As mentioned above, how much you earn is dependent on how you get paid - are you employed or self-employed, if the latter, do you work under a network or as a directly authorised broker? Do you charge a broker fee or not? If not, you'll earn less on every case, sometimes virtually nothing, which is why fee free brokers are not necessarily happy to deal with people requiring £30k mortgage for a Scottish/Welsh property or a £100k mortgage for a complex case, when they'll only get a cut of the already small commission.

Then yes, there is a fee for PI cover, softwares, IT (laptop, website, etc.), advertising, FCA fee, compliance provider fee, etc.

In terms of potential earnings, yes, you can earn £50k, you can also earn way less or way more dependent on the setup.

BobbieSophia

Hi

I wonder if anyone could advise further on the CAS certified part of the question. I've worked for a directly authorised company for nearly 2 years. 18 months advising without supervision. However the lead quality has really declined so I'm looking to move elsewhere.

I don't believe I have ever been signed of as CAS certified. Is there a way to check this, I assume I would know if it's been done by my employer?

If I now query this, my employer will know it's because I'm looking to leave and as I'm the advisor who brings in most of the income into the company I feel he will delay this as much as possible.

Is there a way around this? Would a network or another employer not take me on without this in place or could the experience be enough?

I'm feeling a little trapped and without the leads my income potential has drastically reduced. Any advice would be hugely appreciated.

ACG

You must have CAS - do you have an annual 121?
Presumably this has come up in there?

There is no central database to see if you have CAS.

A network/DA firm will write out for a reference and in there it will usually ask if you have CAS. Assuming they confirm you do then it should make joining a new company easier but it will not be a deal breaker if you do not have it.

haras_nosirrah

I am a self employed mortgage broker who supposedly works part time - it is impossible to do this job part time around another job.

I have an administrator which helps and work around my children but I certainly work on the days I am not meant to be at work.

I write a lot of cases though - typically 15-20 a month